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Abridged audited results for the year ended 31 December 2015 - BGREEN
BettaBeta Be Green Exchange Traded Fund Collective Investment Scheme
A portfolio in the BettaBeta Be Green Exchange Traded Fund Collective
Investment Scheme (BGREEN) registered as such in terms of the Collective
Investment Schemes Control Act, 45 of 2002 (the “Act”) (the “portfolio”)
JSE code: BGREEN
ISIN: ZAE000162277
ABRIDGED AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2015
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2015
2015 2014
R R
Income
Dividend income 4 311 350 3 892 965
Interest income 43 034 34 448
Total income 4 354 384 3 927 413
Fair value adjustment
Realised net gains on financial
instruments designated at fair
value through profit or loss
(4 455 531) 8 006 090
Unrealised net (loss)/gains on
financial instruments designated at
fair value through profit or loss (21 763 789) 16 909
Total fair value adjustment (26 219 320) 8 022 999
Expenses
Management fee (227 036) (237 692)
Trustee fees (80 000) (72 086)
Investment fee (325 234) (313 387)
Other (10 000) (5 714)
Total operating expenses (642 270) (628 879)
(Decrease) / increase in net assets
attributable to investors before
distributions (22 507 206) 11 321 533
Income distributions (3 829 994) (2 895 816)
(Decrease) / increase in net assets
attributable to investors after
distributions (26 337 200) 8 425 717
STATEMENT OF FINANCIAL POSITION
at 31 December 2015
2015 2014
R R
ASSETS
Listed equities designated at fair
value through profit or loss 112 644 952 138 709 239
Cash and cash equivalents 824 924 2 368 223
Total assets 113 469 876 141 077 462
LIABILITIES
Other payables 169 753 1 440 139
Total liabilities (excluding net
assets attributable to investors)
169 753 1 440 139
Net assets attributable to
investors 113 300 123 139 637 323
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO INVESTORS
for the year ended 31 December 2015
Capital Income Net assets
attributable attributable attributable
to investors to investors to investors
R R R
Balance at 1 January 2014 131 035 362 176 244 131 211 606
Increase in net assets
attributable to investors 8 022 999 402 718 8 425 717
Balance at 31 December 2014 139 058 361 578 962 139 637 323
Decrease in net assets
attributable to investors (26 219 320) (117 880) (26 337 200)
Balance at 31 December 2015 112 839 041 461 081 113 300 123
STATEMENT OF CASH FLOWS
for the year ended 31 December 2015
2015 2014
R R
Net cash generated from operating
activities
Cash (utilized) / generated by
operations (1 912 656) 575 694
Dividends received 4 311 350 3 892 965
Interest received 43 034 34 448
Investment in listed investments (55 847 720) (53 393 794)
Disposal of listed investments 55 692 687 53 375 691
Net cash inflow from operating
activities 2 286 695 4 485 004
Distributions paid to fund security
holders (3 829 994) (2 895 816)
Net (decrease) / increase in cash
and cash equivalents (1 543 299) 1 589 188
Cash and cash equivalents at the
beginning of the year 2 368 223 779 035
Cash and cash equivalents at the end
of the year 824 924 2 368 223
Distributions
The Portfolio declares dividends quarterly. Distributions are made from the
income of the BGreen Portfolio.
2015 2014
R R
Distributions declared during the
period were as follows:
5.41797 cents per share declared on
8 December 2014 and paid on 26
January 2015 (2014: 7.46 cents per
share) 402 718 554 267
17.81072 cents per share declared on
6 March 2015 and paid on 28 April
2015 (2014: 10.17 cents per share) 1 323 873 756 285
13.95000 cents per share declared on
3 June 2015 and paid on
27 July 2015 (2014: 11.87 cents per 1 036 905 882 651
share)
9.4526 cents per share declared on 4
September 2014 and paid on
27 October 2014 (2013: 11.27 cents
per share) 1 066 498 702 613
Total Expense Ratio ('TER') 48.27bps 45.25bps
The TER is a standard measure used by the Collective Investment Scheme
(‘CIS’) industry to illustrate costs of portfolios on a comparable basis.
The TER includes the management fee, bank charges, custodian fees, costs
related to securities lending and taxes.
The BGreen Portfolio had a TER of 48.27 basis points (“bps”) (2014: 45.25
bps) (annualised) for the period 1 January to 31 December 2015. The ratio is
calculated based on the Association for Savings and Investments South Africa
(‘ASISA’) standard and does not include the cost of acquiring assets.
Increased consumer demand for greater transparency in financial services and
the recognition thereof by the collective investment industry requires
managers to calculate and publish a total expense ratio for each Portfolio
under their management. This is a requirement in terms of the ASISA standard
on the calculation and publication of total expense ratios.
Statement of compliance
The financial statements are prepared in accordance with International
Financial Reporting Standards (IFRS), the SAICA Financial Reporting
Pronouncements as issued by the Accounting Practices Committee and in the
manner required by the Collective Investment Schemes Control Act and the
Principal Deed.
Functional and presentation currency
Items included in the financial statements are measured using the currency
of the primary economic environment in which the entity operates (the
functional currency). The financial statements are presented in South
African Rand, which is the Scheme’s functional and presentation currency.
Accounting policies
The accounting policies applied in the preparation of the financial statements
are consistent with those adopted in the previous financial year and are in
accordance with IFRS.
In the current year scheme has not applied any amendments to IFRS or any new
Standards or Interpretations issued by the International Accounting Standards
Board (IASB) as there were no such amendments, Interpretations or new
Standards applicable to the scheme which became effective during this period
Forthcoming requirements
The following standards, amendments to standards, and interpretations,
effective for the first time in the future accounting period, and which are
relevant to the Portfolio, have not been adopted for the year ended 31 December
2015:
IFRS 9 deals with classification and measurement of financial assets and
financial liabilities has been amended to introduce a new expected loss
impairment model as well as limited changes to the classification and
measurement requirements for financial assets. The effective date of IFRS 9
is 1 January 2018.
The impact of the above standard will be assessed once the standards become
effective, and applied only at that stage.
Subsequent Events
Pursuant to the amalgamation agreement between Beta Solutions Proprietary
Limited and Coreshares Index Tracker Managers (RF) Proprietary Limited
(previously Grinrod Index Tracker Managers (RF) Proprietary limited), which
was announced on SENS on 4 February 2015, a ballot of unit holders is being
undertaken in order to vote on the proposed transaction. This process is
expected to conclude during the course of April 2016.
Audit report
KPMG Inc, the entity’s independent auditors, has audited the annual financial
statements of the Be Green Portfolio from which the abridged results contained
in this announcement have been derived, and has expressed an unmodified audit
opinion on the annual financial statements. Their audit report is available
for inspection at the registered office of Nedbank Limited.
A full copy of these financial statements is available on the BettaBeta website
www.bettabeta.co.za.
24 March 2016
Sponsor
Nedbank Corporate and Investment Banking
Trustee
FirstRand Bank Limited
Manager
Nedgroup Beta Solutions (Proprietary) Limited
Date: 24/03/2016 10:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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